Bleaxmond – Can You Trust Them?

Website URL: https://bleaxmond.com

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Credit Cards

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: CFDs

Trading Accounts and Conditions

Here is the list of the account types offered by Bleaxmond:

• Basic Account: The deposit range is from €500 to €9,999. You get a loyalty bonus of 10% when you open this account.
• Silver Account: The deposit range is from €10,000 to €99,999. You get a loyalty bonus of 20%.
• Gold Account: The deposit range is from €100,000 to €249,000. The loyalty bonus is up to 30%.
• Platinum Account: The deposit range is from €250,000 to €499,999. The loyalty bonus is up to 60%.
• Diamond Account: The deposit range is from €500,000 to €1,000,000. The loyalty bonus is up to 80%.
• Millioner Club: The minimum deposit is €1,000,001. You can get as much as a 100% loyalty bonus.

There is no information provided about the trading conditions.

Bleaxmond – Advantages

There are no advantages to trading with Bleaxmond.

Bleaxmond – Disadvantages

Here are the problems we found with this broker:

• Anonymous, Unregulated Broker Blacklisted by FCA

Bleaxmond has not provided any company name or address on its website. The only way to contact them is via two phone numbers (one is a UK number and the other a Swiss phone number), by email or by live chat support. This means that we know nothing about the broker’s parent company or where it is based.

However, while we were checking for its regulatory status, we found something that is a huge red flag against this broker.

Bleaxmond has been blacklisted by the UK financial regulator, the FCA (Financial Conduct Authority). According to the information on the FCA’s public warning, this broker is a trading name for an entity called AlephLink Solutions Ltd. This company is based in Tallinn in Estonia.

If AlephLink Solutions Ltd is based in Estonia, then it needs to be regulated either by the Estonian Financial Supervision Authority (EFSA), or the financial authority of a member country of the European Union. Or, it needs to be regulated by the UK’s Financial Conduct Authority (FCA).

We checked the online register of the EFSA, but found that neither this broker nor its parent company is listed there. And since the FCA has issued a warning against Bleaxmond, we know that the brokerage is not authorized to operate by this regulator either.

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• Unusual Credit Card Verification Process

In Bleaxmond’s Account Policy, the card verification process raised another red flag for us. Legitimate brokers require you to provide the last 4 digits of your credit card number and the name of card holder. Some brokers may also ask for the card expiration date. With this much information they are able to carry out the verification process.

What this broker demands is that you submit a full picture of the front and back your credit card for verification. The reason this is worrisome is because hackers cannot access funds through your credit card unless they have your CVC number and your full credit card number. This is why banks have set up sophisticated encryption methods that allow merchants to verify your card without getting all this information. So, a broker asking for all of your credit card information is suspicious in the extreme and clearly indicates dishonorable intentions.

• Trading Platform Not Accessible

We do not know what kind of trading platform this broker offers because we were unable to access it. The only way to access their platform is by creating an account (which is another thing we were unable to do) and depositing money with them.

This is a typical scam tactic used by unscrupulous brokers. They first take your money and then you realize that they don’t really have anything of worth on their trading platforms. By then it is too late to get your money back.

• High Minimum Deposit Requirement

Bleaxmond requires you to make a minimum deposit of €500 to open an account with them. This amount is 2 times higher than the market average. Most legitimate brokers require you to make deposits in the range of $100 to $250, so a 500-Euro deposit requirement is just ridiculous.

It will also interest you to know that there are many excellent brokerages that ask for deposits that are as low as $5!

• Complicated Withdrawal Process

The withdrawal process that this broker has put in place is very complicated. Once you have submitted a withdrawal request, you need to confirm this request over the phone within 3 days, or the request will be cancelled.

However, before placing this request, you also need to submit documents such as your bank statements, the front and back pictures of your credit card and proof of residence. If you do not do so, your request will be declined (even if you have already submitted these details while registering!).

All of these steps seem to be put in place to make withdrawing your money as difficult as possible.

• Unfair Bonus Policy

Firstly, the fact that this broker offers bonuses in itself is a red flag. Such bonuses have been banned in Europe and the UK – the regions where Bleaxmond is offering its financial services.

Second, clauses in place are unfair. As soon as you avail of the bonus, you will not be allowed to withdraw your funds unless you meet the bonus withdrawal conditions. And since you are given a loyalty bonus as soon as you open an account, you basically are bound to the bonus policies from the beginning!

To be able to withdraw your funds, you much have a turnover of 500 times your deposit + bonus amounts! This is virtually impossible for traders to achieve, which means that you never get to withdraw you money!

Conclusion 

Bleaxmond is not a broker to be trusted! We recommend that you find another broker – one that is legitimate.

Bleaxmond

2.4

User Experience

3.0/10

Payment Options

2.4/10

Security

2.3/10

Support

2.1/10

Reputation

2.3/10

Pros

• None

Cons

• Anonymous, Unregulated Broker Blacklisted by FCA
• Unusual Credit Card Verification Process
• Trading Platform Not Accessible
• Complicated Withdrawal Process
• Unfair Bonus Policy